Payment banks, which got in-principle nod from the central bank, are expected to offer over 1,500 jobs with pay packages as high as Rs 1.50 crore when they launch their operations in the next 18 months, according to executive search firms.In August, the Reserve Bank of India (RBI) had approved 11 entities, including Reliance Industries, Vodafone m-pesa and Airtel M Commerce to open payment banks.These entities can accept cash deposits, permit remittances and roll out “simple financial products”. They can accept savings deposits of up to Rs 1 lakh from a customer. However, a payments bank is not allowed to lend to customers, like commercial banks.The payment banks will hire nearly 150 senior executives, 370 mid-level executives and over 1,000 junior-level staff in the coming months, The Economic Times reported, citing estimates made by Vito India, a headhunting firm.So far, some of these entities — Cholamandalam, Department of Posts, National Securities Depository, Tech Mahindra and Dilip Shanghvi of Sun Pharma — haven’t hired the chief executives for their payment banks.The areas for which the payment banks recruit people include product, sales and distribution, merchant acquisition, strategic alliances, operations, and regulatory and compliance and they are expected to offer salaries between Rs 50 lakh and Rs 75 lakh for senior executives handling these functions.”Salary for CXOs (CEOs and other management-level executives) is in the range of Rs 1-1.5 crore while for a level below it is around Rs 70 lakh to Rs 1 crore,” said Kalyani Shastry, associate director at RGF Executive Search.However, the Birla group, which also got permission to start a payment bank, has already hired employees for its operations.”We have our people in place … we look for banking, consumer and technology-oriented people,” said Santrupt Misra, director of global HR & CEO, carbon black business, at the group.The entities are also scouting for talent outside the country, including Singapore and Silicon Valley, to rope in people with experience in disruptive products, said K Sudarshan, managing partner and co-founder of EMA Partners.read more

Kolkata: Medical aspirants from Bengal who had appeared for the NEET with Bengali as the medium of language and had faced difficulties due to translation errors, are hopeful of getting grace marks following an order passed by the Madras High Court on Tuesday.It has given the order, directing CBSE to give 196 grace marks to all the candidates who had appeared for the examination in Tamil Vernacular, on account of translational errors. The Court has also directed the CBSE to publish a revised ranking in 2 weeks. Also Read – Speeding Jaguar crashes into Merc, 2 B’deshi bystanders killedThe judgment has raised the hopes of the students of Bengal, who had appeared for the nationwide medical entrance examination in their vernacular language. Around 27,000 Bengali medium candidates have fallen victim to the same incident as their Tamil counterparts.Many of these students were anxious about their future, after they were deprived in the examination on the basis of the language they had opted for. It was learnt that therewere around 180 errors in the translation. Also Read – Naihati: 10 councillors return to TMC from BJPAccording to Tuesday’s judgment, all students who sat for NEET in Tamil, will get 196 marks extra out of 720. The Madras High Court’s decision will benefit around 24,000 students and will have ramifications for students across the country as the rankings could be drastically altered.The board will issue a revised ranking list in two weeks and counselling for medical course will be suspended till then.The future of Bengali medium candidates has been hanging in the balance. The students have demanded that the CBSE should conduct re-examination or give grace marks to the candidates who faced inconvenience due to the mistakes in the Bengali version of the NEET question paper. It was alleged that neither the Centre nor the CBSE had taken any initiative in this regard, even after Bengal Chief Minister Mamata Banerjee wrote to the Union Human Resources Development Ministry, urging them for a re-examination.The candidates in the state had been shattered as they could not properly attempt the questions. Most of the questions were allegedly full of errors or were ambiguous.Many have, however, viewed this as an attempt by the Centre to abolish Bengali language and to ensure that students do not opt for Bengali as the medium of the examination in the future years.read more

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